SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Royal Bank of Canada
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended March 31, 2005
Date Filed: May 12, 2005
Scope: This report discloses equity securities held by the Royal Bank of Canada and three other included managers (Morgan Stanley, Deutsche Bank AG, Bear Stearns & Co. Inc.). The filing excludes Section 13(f) securities held in trust accounts where the Bank serves as trustee but lacks timely electronic data from unaffiliated custodians.
Key Financial Metrics
Total Reported Value: $736,190,036
Total Number of Holdings: 1,123 entries
Number of Included Managers: 3 (in addition to Royal Bank of Canada)
Asset Class: Primarily common stock, preferred stock, and exchange-traded funds (ETFs). The filing does not report revenue, profit, cash flow, or debt metrics as it is a disclosure of investment holdings, not an operating financial statement.
Material Changes and Portfolio Composition
Top Holdings by Value (Selected):
- General Electric Co: $39,979,993 (1,108,913 shares)
- Microsoft Corp: $25,468,585 (1,056,754 shares)
- ISHARES TR S&P 500 INDEX: $129,017,786 (1,095,043 shares)
- ISHARES TR MSCI EAFE IDX: $29,729,932 (187,140 shares)
- ISHARES TR 20 YRS+ TRS BD: $12,553,724 (140,532 shares)
- ISHARES TR RUSSELL 2000: $6,869,406 (56,384 shares)
- ISHARES TR MSCI JAPAN: $2,262,766 (215,981 shares)
Notable Sector Exposure: The portfolio shows significant exposure to broad market indices via iShares ETFs, particularly the S&P 500 and MSCI EAFE. There is also substantial concentration in large-cap technology (Microsoft, Intel, Cisco), financial services (Bank of Montreal, Royal Bank of Canada, Citigroup), and energy (Exxon Mobil, Encana Corp).
Guidance, Outlook, and Risks
Management Commentary: None provided. Form 13F filings are statutory disclosures of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary on market conditions.
Risks and Contingencies: The filing notes a specific limitation regarding data availability: Section 13(f) securities beneficially owned by trust accounts are not included because unaffiliated third-party custodians do not provide the necessary data in a timely electronic format. This represents a potential gap in the total asset picture for the reporting manager.
Key Facts for Investor Verification
- Aggregated Reporting: The reported value of ~$736 million includes holdings managed by Morgan Stanley, Deutsche Bank AG, and Bear Stearns & Co. Inc. alongside Royal Bank of Canada. Investors should verify if they are analyzing the Bank's standalone portfolio or the aggregate group.
- ETF Concentration: A significant portion of the reported value is held in passive index funds (iShares), particularly the S&P 500 Index fund, which accounts for a large single-line item value.
- Excluded Assets: The filing explicitly excludes trust account securities where the Bank acts as trustee but lacks data access. This may understate the total assets under management for the institution.
- Self-Holding: The portfolio includes a holding of Royal Bank of Canada common stock valued at approximately $6.48 million.
- Derivatives: The filing lists "Defined" voting authority for most positions, with some notes indicating call/put options or notes (e.g., 3M Co Note, Allergan Inc Note), though specific derivative exposure details are limited to the "INVSTMT" column codes.